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Time Inc. began its latest round of cutbacks on Thursday, with 50 to 75 people losing their jobs either through voluntary buyouts or involuntary reductions.

“This is a normal course of business as part of our ongoing transformation,” a spokeswoman said.

While the axing wasn’t as drastic as the 200 jobs some insiders expected, there was speculation inside the company that there would be more bloodletting down the road, one source said.

It follows cuts of 300 people worldwide in June, which was about 4 percent of the company’s workforce.

The company is still looking to sell its Time UK division.

When Time Warner CEO Jeff Bewkes spun off Time Inc. in 2013, he made the magazine carry $1.4 billion in debt as payback for the 2000 acquisition of the British publishing unit that was then known at IPC.

Time Warner paid $1.6 billion for the unit back then.

While extracting the payment from Time Inc. was a good payday for Time Warner shareholders, it left Time Inc. with a mountain of debt that hampered its ability to make major transformative transactions. Reports say the London-based division is only expected to fetch about $200 million in the current environment.

Several US Time Inc. magazines are on the block, including Golf, Sunset and a majority stake in Essence Communications. The company took the “For Sale” sign off Coastal Living. It also is searching for a buyer for its Customer Service Center in Tampa, Fla., but is having trouble finding a taker at the price it was seeking.